The following book and fair values were available to Westmont Company as of March 1.

	Value in books	fair value
Inventory	494,000	449,500
Tierra	763,500	1,060,500
Buildings	1,975,000	2,303,500
Relations with clients`	0	859,500`
Accounts payable	(118,000)	(118,000)
Common actions	(2,000,000)
Additional payment in principal	(500,000)
Retained earnings 1/1	(427,000)
Income	(486,000)
Bills	298,500

Arturo pays $4,420,000 in cash to acquire Westmont. No shares are issued and Arturo pays $49,000 in legal fees to complete the transaction.

Prepare Arthur's journal entry to record his Westmont acquisition.

1. Record the acquisition of the Westmont Company.

2. Record the legal fees related to the combination.